Tuesday, June 1, 2010

Paul Bayer Named Chief Investment Officer of National Retail Properties, Inc.

ORLANDO, Fla., June 1 /PRNewswire-FirstCall/ -- National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced that Paul Bayer (top right photo)  was named Chief Investment Officer. Mr. Bayer is also Executive Vice President.

"Paul is well respected throughout our industry and has been an important contributor to the success of NNN," said Jay Whitehurst, (lower left photo) President and Chief Operating Officer.

Mr. Bayer has a broad real estate background including prior positions with Trammell Crow Company, Combined Properties and J. Donegan Company.

He graduated from Dartmouth College and was awarded a leadership fellowship by Rutgers UniversityGraduate School of Management. He is a member of the International Council of Shopping Centers (ICSC) and earned the designation of Certified Leasing Specialist from the ICSC.

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2010, the company owned 1,014 Investment properties in 43 states with a gross leasable area of approximately 11.4 million square feet. For more information on the company, visit www.nnnreit.com.

Contact: Christopher F. Barry, Vice President of Corporate Communications, +1-407-650-1228

Industrial Team at Southern Commercial Completes 11,200-SF New Lease in Orlando

ORLANDO, FL.(June 1, 2010) Principals Tom McFadden (top right photo) , SIOR and William “Bo” Bradford, (top left photo)  CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 11,200 square foot new lease at 3020 Mercy Drive, Orlando, Florida.

McFadden and Bradford negotiated the 5 year lease, representing the Landlord, RREEF America REIT II Corp. VVV. The Tenant, FASWD, LLC. was represented by Austin Caruso with Realty Capital.

Media Contact: Celeste MacKenzie, Southern Commercial Real Estate Advisors, 321-281-8503; 20 N. Orange Avenue, Suite 605, Orlando, FL 32801; cmackenzie@southerncommercialre.com

Plaza Advisors Brokers Sale of Walgreens in Cape Coral, FL

TAMPA, FL--Plaza Advisors is pleased to announce the recent sale of a freestanding Walgreens located at 3015 SW Pine Island Road in Cape Coral, Lee County, Florida.

This building was completed in 2010 and totals 14,820 square feet (SF). The asset was on a 1.54 acre outparcel to a Publix anchored shopping center named Coral Shores.

Plaza Advisors acted as the sole broker in the transaction and represented the seller.

Co-managing partners Anthony Blanco (top left photo)  and Jim Michalak (top right photo) , together with Senior Financial Analyst, Lenard Williams  (bottom right photo) were involved in the engagement. The seller was Cape Coral LLC and the buyer was CP Plaza, LLP.

 Contact:  Jim Michalak, Managing Partner, Plaza Advisors, 3412 Bay To Bay Boulevard, Tampa, FL 33629, 813.837.1300 Ext. 101, Fax 831.2627, jim.michalak@plazadvisors.com

Miami office; 5201 Blue Lagoon Drive, office,  305-629-3606; fax 305-647-6441


Lenders Take Control Of 1,900 New Miami Condos In 45 Days

A trio of lenders have taken control of more than 1,900 new unsold condos located in six skyscrapers in Greater Miami since mid-April in three separate transactions, according to a new report from CondoVultures.com.

Newly created entities of HSBC Bank, Bank of America, and iStar Financial have taken ownership of a combined two million square feet of new saleable condo space in a pair of troubled projects - Everglades on the Bay (top left photo)  and ICON Brickell (bottom  right photo) - in Greater Downtown Miami and a third project - Terrazas Riverpark Village - just east of Miami International Airport, according to the report based on Miami-Dade County records.

The latest condo grab comes eight months after Starwood Capital Group's residential division purchased the condo construction loan portfolio of the failed Corus Bank.

 Starwood Capital's loan portfolio in South Florida includes the new Paramount Bay and Mint projects in Greater Downtown Miami, according to a recent CondoVultures.com report.
"We are entering the phase of the real estate cycle where the lenders, not the developers, are dictating the course of the condo market going forward in Greater Miami," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "This is a position that lenders are not comfortable being in as owning and managing real estate carries with it various responsibilities and liabilities that are out of their circle of expertise.

"Given the risk, watch for the lenders to introduce options that were previously not available to the developers of the troubled projects."

Contact:  Peter Zalewski,  Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com

Grubb & Ellis Represents Higgins Development Partners in Sale of 400,000-SF Warehouse/Distribution Facility

KING OF PRUSSIA, PA (June 1, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that its Global Logistics Group represented Higgins Development Partners in the investment sale of a 400,260-square-foot warehouse/distribution facility in Hazleton to Exeter Property Group for $12.9 million.

Steve Bonge and Tim Brogan, both senior vice presidents, and Patrick McBride, vice president, served as the seller’s representative in the transaction, located at 68 Green Mountain Road in Humboldt Industrial Park.

“We had strong buyer response to the offering of this outstanding Class A facility,” said Bonge. “In addition to its location in one of the Northeast’s most important distribution corridors, the property offers state-of-the-art systems and has a credit tenant occupying a portion of the building on a long-term basis.”

Built in 2006, the insulated precast facility features high clearance of 32 feet, ample parking and high power. Graham Packaging currently leases 168,630 square feet in the facility, with the rest of the space available for lease.

Contact:  Erin Mays, Phone: 312.698.6735, Email: erin.mays@grubb-ellis.com

Grubb & Ellis Regains Early Compliance with NYSE Listing Standards

SANTA ANA, CA (June 1, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that the New York Stock Exchange has notified the company that it is back in compliance with the NYSE’s continued listed standards.

The company, which had until February 2011 to regain compliance, said that the NYSE advised the company that its early decision was based on Grubb & Ellis’ consistent positive performance with respect to the business plan submitted to the NYSE and the company’s achievement of compliance with the NYSE’s minimum market capitalization requirements over the past two quarters.

“We are pleased to have come back into compliance with the NYSE’s continued listing standards on an accelerated basis,” said Thomas P. D’Arcy, (bottom right photo)  president and chief executive officer of Grubb & Ellis Company.

“We believe this notice is a reflection of the progress we have made over the past six months in strengthening our capital structure and implementing our growth strategy, which is designed to produce long-term value for our shareowners.”

Contact: Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

Grubb & Ellis Commercial Florida Negotiates 10-Year Lease with Investor opening New High Tech Concept in Upscale Dining at 55 West in Downtown Orlando

ORLANDO - Grubb & Ellis Commercial Florida recently completed a new 10-year lease agreement for 6,000 square feet of retail space at 55 West Marketplace, located at 54 W. Church St. in downtown Orlando.

Aaron Gray, (bottom  right photo)  associate at Grubb & Ellis
Commercial Florida, negotiated the lease on behalf of the Netherlands based landlord FFWO LLC.

The new tenant, associates of Pranna, a Southeast Asian Fusion restaurant in Manhattan, and Lotus Lounge in Washington, D.C., plans to open a restaurant lounge and bar called Blend that will hold approximately 330 people.

 Blend will feature a mix of cuisines and drinks with the latest technological advancements in the leisure and hospitality industry.

Gray said Blend’s touch tables will provide guests an interactive experience right at their tables, completely unique in this market, and iPhone applications will allow guests to both order and pay their bills through their phone.

Cynthia Hunter of Pegasus Realty represented the tenant, JSK Orlando, LLC in the transaction

Aaron Gray, 407-481-5397, agray@commercialfl.com;
Jeff Sweeney, 407-481-5387, jsweeney@commercialfl.com;
Larry Vershel 407-644-4142

Texas DOT Renews Contract with D & A Building Services

LONGWOOD, FL., June 1, 2010 — The Tyler District of the Texas Department of Transportation has renewed its contract with D & A Building Services Inc. for facility maintenance services, and added day porter services to the scope of work.

D & A is now providing day porter services weekdays for seven, one- and two-story buildings that total 40,000-square-feet, as well as night cleaning that includes janitorial and carpet cleaning. Work on this contract is being performed by D & A’s Dallas branch office.

The Tyler District of the Texas Department of Transportation covers an eight county area just east of Dallas.

PR Contact: Elaine Ingra, (407) 384-1344 elainei@pr-works.com

Foster Conant secures new streetscaping project in Orlando

ORLANDO, FL,  June 1, 2010 — Foster Conant & Associates has secured a new contract for site-specific landscape architectural services for the Rollins Street Improvement project in Orlando, Florida.

 Under contract with the project’s civil engineer VHB Miller Sellen Inc., Foster Conant is providing design, construction documents and construction observation for 700-lineal-feet along Rollins Street west to the intersection with North Orlando Avenue and 500- lineal-feet down North Orange Avenue.

Along with landscape planting, Foster Conant is responsible for designing the irrigation system and hardscape elements that include sidewalks, corner plazas, handicap ramps, and architectural finishes for planters, trash containers, benches, tree guards and tree gates. Construction is scheduled to begin in mid summer.

According to Keith Oropeza, ASLA, a Principal at Foster Conant, the firm is designing to guidelines created for Florida Hospital Health village.

PR Contact: Elaine Ingra, 407-384-1344, elainei@pr-works.com

TD Wood & Co. Brokers Total $3.71M in Loans for 4 Retail Properties

ORLANDO, FL—June 1, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of 3,710,000 for Smokey Bones, 108 Commerce Street, Dollar General, and Sandscove Court.

Patrick Madore, (top right photo)  Company Vice President, secured $1,400,000 in financing for the Smokey Bones Restaurant on May 6, 2010, through Thomas D. Wood and Company’s relationship with a regional bank.

The full-recourse, fixed-rate loan has a term of five years, based on a 25-year amortization and an interest rate of 7.15%. The loan-to-value is 70%. The 6,686 square-foot single-tenant restaurant was built in 1993, and is located at 21733 State Road 7, Boca Raton, Florida.

Jeff Schnupp, (top left photo) Company Vice President, secured $650,000 in financing for the 108 Commerce Street Office on April 29, 2010, through Thomas D. Wood and Company’s relationship with a local credit union.

The fixed-rate loan has a term of five years, based on a 20-year amortization and an interest rate of 6.50%. The loan-to-value is 45%. The 22,800 square-foot office was built in 1989 and is located at 108 Commerce Street, Lake Mary, Florida.

Joe Dear, (lower right photo) Company Vice President, secured $860,000 in financing for Dollar General on May 20, 2010, through Thomas D. wood and Company’s correspondent relationship with The Standard Life Insurance Company.

The permanent loan has a term of five years, based on a 25-year amortization and an interest rate of 6.25%. The loan-to-value is 66%. The 12,480 square-foot single-tenant retail was built in 2010 and is located at 7025 Highway 231, Panama City, Florida.

John Worrell,  (lower left photo) Company Assistant Vice President, secured $800,000 in financing for Sandscove Court on May 20, 2010, through Thomas D. Wood and Company’s correspondent relationship with Kansas City Life Insurance Company.

The fully-amortizing loan has a term of 20 years and an interest rate of 6.75%. The loan-to-value is 52%. The 23,760 square-foot industrial center was built in 1999 and is located at 7307 Sandscove Court, Winter Park, Florida.

 For further information, please contact:

Patrick Madore (561) 338-9799 pmadore@tdwood.com
Jeff Schnupp (407) 937-0470 jschnupp@tdwood.com
Joe Dear (407) 937-0470 jdear@tdwood.com
John Worrell (407) 937-0470 jworrell@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com

Marcus & Millichap Sells 28,000-SF Shopping Strip in Orange Park, FL

ORANGE PARK, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of O’Reilly Auto Parts Center, (top left photo)  a 28,000 square-foot retail property located in Orange Park, FL, according to Richard D. Matricaria, (bottom left photo)  Regional Manager of the firm’s Jacksonville office.

The asset commanded a sales price of $2,817,000.

David Hsieh, (middle right photo)  Vice President Investments and James Hoggatt, an investment specialist in Marcus & Millichap’s Jacksonville office, had the exclusive listing to market the property on behalf of the seller, a developer.

 The buyer, a local partnership, purchased the property all-cash as part of a 1031 exchange.

“The property is 100 percent occupied and sold at a 10.05 percent CAP rate on in-place income,"says Hsieh..

"The buyer will benefit from the property’s busy location at the intersection of Blanding Boulevard and Wells Road and the fact that it is shadow-anchored by the 900,000-square foot Orange Park Mall,” 

O’Reilly Auto Parts Center is located at 1980 Wells Road.

Press Contact:  Richard D. Matricaria, Sales Manager, Jacksonville, (904) 672-1400